Question
A government entity has the following transactions: Property tax revenue: $500,000 Capital grant received: $200,000 General government expenses: $400,000 Capital outlay: $250,000 Requirements: (a) Prepare
A government entity has the following transactions:
- Property tax revenue: $500,000
- Capital grant received: $200,000
- General government expenses: $400,000
- Capital outlay: $250,000
(a) Prepare the statement of revenues, expenditures, and changes in fund balances. (b) Calculate the net change in fund balances. (c) Determine the impact of the transactions on governmental activities. (d) Discuss the differences between governmental and commercial accounting.
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
